Traders Sell Shares of QUALCOMM Incorporated (QCOM) on Strength (QCOM)
Investors sold shares of QUALCOMM Incorporated (NASDAQ:QCOM) on strength during trading hours on Friday. $29.70 million flowed into the stock on the tick-up and $60.85 million flowed out of the stock on the tick-down, for a money net flow of $31.15 million out of the stock. Of all stocks tracked, QUALCOMM had the 0th highest net out-flow for the day. QUALCOMM traded up $0.06 for the day and closed at $52.09
A number of research firms have recently issued reports on QCOM. Zacks Investment Research lowered shares of QUALCOMM from a “hold” rating to a “sell” rating in a report on Wednesday. Northland Securities raised shares of QUALCOMM from a “market perform” rating to an “outperform” rating and set a $62.50 target price for the company in a report on Friday, September 15th. J P Morgan Chase & Co reaffirmed an “overweight” rating on shares of QUALCOMM in a report on Wednesday, September 6th. William Blair reaffirmed a “market perform” rating on shares of QUALCOMM in a report on Tuesday, September 5th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and set a $55.00 target price on shares of QUALCOMM in a report on Thursday, August 24th. Three investment analysts have rated the stock with a sell rating, eighteen have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $63.96.
The company’s 50-day moving average price is $52.06 and its 200-day moving average price is $54.99. The company has a market cap of $76.89 billion, a P/E ratio of 19.95 and a beta of 1.29.
QUALCOMM (NASDAQ:QCOM) last issued its earnings results on Wednesday, July 19th. The wireless technology company reported $0.83 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.81 by $0.02. QUALCOMM had a return on equity of 19.64% and a net margin of 17.26%. The business had revenue of $5.37 billion during the quarter, compared to analysts’ expectations of $5.25 billion. During the same quarter in the previous year, the business earned $1.16 EPS. The company’s revenue for the quarter was down 11.1% on a year-over-year basis. Equities analysts forecast that QUALCOMM Incorporated will post $4.16 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 20th. Stockholders of record on Wednesday, August 30th were issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.38%. The ex-dividend date of this dividend was Monday, August 28th. QUALCOMM’s payout ratio is currently 87.36%.
In other news, President Derek K. Aberle sold 23,104 shares of the business’s stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $55.38, for a total transaction of $1,279,499.52. Following the completion of the sale, the president now owns 5,855 shares in the company, valued at approximately $324,249.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michelle M. Sterling sold 4,740 shares of the business’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $51.88, for a total value of $245,911.20. The disclosure for this sale can be found here. Insiders have sold a total of 28,995 shares of company stock valued at $1,587,390 in the last quarter. Company insiders own 0.17% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in QCOM. FMR LLC lifted its position in QUALCOMM by 16.5% during the 2nd quarter. FMR LLC now owns 80,528,523 shares of the wireless technology company’s stock worth $4,446,786,000 after acquiring an additional 11,387,347 shares in the last quarter. Veritas Asset Management LLP acquired a new position in QUALCOMM during the 2nd quarter worth approximately $440,415,000. Capital International Investors lifted its position in QUALCOMM by 59.9% during the 2nd quarter. Capital International Investors now owns 15,132,794 shares of the wireless technology company’s stock worth $835,633,000 after acquiring an additional 5,671,176 shares in the last quarter. Baupost Group LLC MA acquired a new position in QUALCOMM during the 1st quarter worth approximately $299,085,000. Finally, Nordea Investment Management AB lifted its position in QUALCOMM by 589.4% during the 1st quarter. Nordea Investment Management AB now owns 5,912,226 shares of the wireless technology company’s stock worth $339,007,000 after acquiring an additional 5,054,642 shares in the last quarter. 76.96% of the stock is currently owned by hedge funds and other institutional investors.
QUALCOMM Incorporated is engaged in the development and commercialization of a digital communication technology called code division multiple access (CDMA). The Company is engaged in the development and commercialization of the orthogonal frequency division multiple access (OFDMA) family of technologies, including long-term evolution (LTE), which is an Orthogonal Frequency Division Multiplexing (OFDM)-based standard that uses OFDMA and single-carrier Frequency Division Multiple Access (FDMA), for cellular wireless communication applications.
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